Private Student Loan Signed By Minor, Under Age 18
My question involves collection proceedings in the State of: New York
Hello:
In 2003, after I had just turned 17, I signed documents from Sallie Mae to get a private student loan. My mother co-signed because I was a minor.
Unfortunately I have been unable to keep up with my payments and the debt is now in collections and I am being threatened with lawsuit.
My question is: Since I was well under 18 at the time I signed the contract is the contract enforceable?
Thanks in advance for an answer!
Re: Private Student Loan Signed By Minor, Under Age 18
I am sorry to hear about your problem. Student loans are with you until you pay them, you can NOT discharge this loan through a bankruptcy.
Your co signer is on the hook for them as well.
You should consider making payment arrangements as the interest will continue to mount. I hope this all works out for you.
Re: Private Student Loan Signed By Minor, Under Age 18
If they can't get the money from you, they will go after your mother who co-signed for the loan.